Investment is just as important as consumption in driving growth. Indeed, investment sets the stage for consumption. You invest to produce, and what is produced is consumed.

This brings us to residential real estate investment, which has been on the upswing since mid-2010, but it still has a long way to go. In 1999, the housing sector was investing over $600 billion annually. Today, that figure is less than $500 billion.

This suggests that there is plenty of room for more growth and overall housing improvement. The peak that was achieved in late 2005 has been offset by a decade of low investment. We think housing is well-positioned to increase investment, which will increase housing supply, housing consumption, and overall housing activity.

We say that because we think demand will pick up in the second half of 2014 and continue into 2015. As we note, job growth is on the upswing, which points to an upswing in the overall economy.

In other words, the positive trend in the labor market, and even that in the mortgage market, will eventually set housing on its own positive trend.

Courtesy of Jessica Regan.

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